Pacific North West Capital Acquires 100% Interest in Eagle Pegmatite, SE Manitoba; Part of the Lithium Two Project
August 16, 2016 (Source) — Pacific North West Capital Corp. (“PFN”, the “Company”) (TSXV: PFN; FSE: P7J; OTCQB: PAWEF announces that it has acquired a 100% interest in Eagle Pegmatite, in SE Manitoba, from Mustang Minerals Corp. This Pegmatite will be a part of the new Lithium Two Project and held under PFN’s 100% owned subsidiary, Lithium Canada Development Inc.
- Eagle Pegmatite acquired from Mustang Minerals Corp and added as a part of the Lithium Two Project
- The Lithium Two Project is PFN’s 5th, 100% owned Hard Rock Lithium Project in Southeast Manitoba
- The Eagle Pegmatite has a 1947 historic, is not 43-101 compliant, and has a resource calculation of 544,460 tonnes of Spodumene with an average content of 1.4% Li2O
- Summer Surface Exploration planned for 2016 with follow-up drilling in 2017
- The Company is currently negotiating with interested parties, regarding to Option/Joint Venture arrangements, on its 5, 100% owned Lithium Projects in Manitoba
The Lithium Two Project is located approximately 145 kilometres (90 miles) NE of Winnipeg, Manitoba, Canada and 22 kilometres north of the Tanco Mine Site. It is a part of the Cat Lake portion of the Cat Lake – Winnipeg River Pegmatite Field. The Winnipeg River Pegmatite Field hosts the World-Class Tanco Pegmatite which has been mined since 1969.
The Lithium Two Project consists of one claim (CAT 3, MB 3903) of 137 hectares (3.4 acres) in size, which is situated north of Cat Lake. The option agreement from Mustang Minerals allows the company to acquire the adjacent ground, should mineralization continue, onto other Mustang claims. This Project has Excellent Access, with a major gravel covered provincial highway through the project area.
The Eagle Pegmatite has been reported to be exposed at surface as a series of lenticular Spodumene-bearing Dykes, over a distance of about 823 metres, with a general strike of 077° and a near vertical dip. Several companies have explored for Pegmatites in the region. In 1947, drilling of the Eagle Pegmatite estimated that there was 544,460 tonnes (600 000 tons) of Spodumene with an average content of 1.4% Li2O to a depth of 61 metres (200 feet). This is a historic estimation and is Non NI 43-101 compliant. It was also reported at that time, that structural controls on the mineralization suggested that the Eagle Pegmatite continued to depth.
The Eagle Pegmatite has a 1947 historic, is not 43-101 compliant, and has a resource calculation of 544,460 tonnes of Spodumene with an average content of 1.4% Li2O
A Surface, Phase One Exploration Program will be carried out during the fall of 2016. This program will consist of Mapping, Prospecting and Sampling of the known Pegmatites. Follow-up Drilling is planned for 2017.
Get our daily investorintel update
The Lithium Two Project is Lithium Canada Development’s 5th Lithium Project in SE Manitoba. To date, the company has approximately 6,318 hectares (15,612 acres) of mineral claims, with Lithium Mineralization Potential in the Cat Lake-Winnipeg River Pegmatite Field.
As part of our Prospector Generator Model, the Company is currently negotiating with interested 3rd parties for possible Option/Joint Ventures and other Exploration Initiatives on the Company’s Lithium Projects in SE Manitoba.
About The Company’s Lithium Division
The Company’s new Lithium Division will focus on the Discovery, Acquisition, Exploration and Development of Lithium Projects in Canada. In the United States, the Company will use its wholly owned U.S.A subsidiary, to Acquire and Develop Projects in Active Mining Camps in Nevada, Arizona and California.
Management believes that these New Age Metals, Lithium, PGMs and Rare Earths, have robust macro trends with Surging Demands and Limited Supply. Going forward, this New Division will Explore for the minerals needed to fuel the demand for Energy Storage and other core 21st Century Technologies.
The Company has a growing portfolio of Lithium Projects. The Clayton Valley Forks Li Project in Nevada is a recent Lithium Brine Project Acquired by the Company (PFN News Releases April 25th, 2016 and May 9th, 2016). The Company also has Hard Rock Lithium projects in Canada (PFN News Releases April 21st, 2016, May 24th, 2016), July 5th, 2016 and July 21st, 2016) located in the Winnipeg River Pegmatite Field of SE Manitoba.
Lithium and Platinum Group Metal Prices have Improved Dramatically in recent months. Lithium Supplies remain in deficit, relative to their demand. Both Metals Groups are used for the expanding worldwide automobile industry (conventional and electric). In the case of PGMs, demand is increasing for Autocatalysts, a key component for reducing toxic emissions for automotive, gasoline and diesel engines. Regarding Lithium, there is an ever-increasing demand for batteries in cellphones, laptops, electric cars, solar storage, wireless charging and renewable energy products.
An aggressive 2016/17 Acquisition and Exploration Program is underway with the objective to have several projects at the drill ready stage, by early 2017.
About the Company’s Platinum Group Metals Division
Achievements to date and future plans for River Valley are outlined below as follows:
- PFN currently has 100% ownership in the River Valley Project, subject to a 3% NSR, with Options to buy down;
- Completed Exploration and Development Programs on the River Valley Property include more than 600 holes drilled since year 2000 and several mineral resource estimates and metallurgical studies;
- Results for the current (2012) mineral resource estimate are below;
- 2015 Drill Program confirms New High Grade T2 Discovery
- Exploration and Development Plans outlined for 2016
- Ongoing Strategic Partner search for River Valley Project
- Results for the most recent Metallurgical Testwork Study are summarized below:
- Prepared by Tetra Tech (Wardrop)
- High Confidence: Measured plus Indicated = 72% of total
- Reported on PdEq basis: Pd=40% & Pt=20% of the payable metals
- Pd to Pt ratio = 2.5:1; Cu to Ni ratio = 3:1
- High Grade potential, particularly in the north part of River Valley deposit
- Resources under evaluation for development potential as open pit mining operation
8.Results for the 2015 Discovery Drill Program on the T2 Target are as follows:
- Drill hole intercepts much higher than average grade of current mineral resource estimate
- Possible new mineralized zone at the north end of the River Valley Deposit
- Recent results show potential to take the River Valley PGM Project in a new direction
- More drilling required and field crews are currently ground-proofing the targets to better pinpoint Fall and Winter Drill Programs
9. Exploration and Development Plans for 2016:
- Mineral Prospecting and Geological Mapping on surface
- Drill Programs targeted to add more higher grade
- Geological Interpretation and 2D/3D Modeling of all Drill and Surface results
- Application to the OPA’s Junior Exploration Assistance Program (JEAP) for 33% refund of all Exploration Expenditures, up to $300,000.
- Ongoing Strategic Partner Search for River Valley
11.Aggressive on-going Project Acquisition Program in North America, with Specific focus on the Sudbury Mining District and in Alaska
The contents contained herein that relates to Exploration Results or Mineral Resources is based on information compiled, reviewed or prepared by Dr. Bill Stone, Principal Consulting Geoscientist for Pacific Northwest Capital. Dr. Stone is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical content.
On behalf of the Board of Directors
“ Harry Barr “
Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements:. This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.
InvestorIntel is a trusted source of reliable information at the forefront of emerging markets that brings investment opportunities to discerning investors.